
後黃仁勳時代來臨,五檔「輝達純度」最高個股面臨三大不利因素
華碩今日早盤股價逆勢下跌。市場拆解AI相關供應鏈「輝達純度」,英業達、技嘉、廣達、和碩、華碩五檔個股純度最高。法人分析指出,2027年Vera Rubin出貨已排定,單價提高四到五成,營收成長仍可期,但缺少2027至2028年ASIC動能、規格升級放慢打折單櫃價值、以及依賴輝達配貨與融資影響毛利與客戶,為三大不利因素。廣達非GPU平台及和碩ASIC客戶可逐步降低輝達集中度,華碩與技嘉伺服器業務較難轉向ASIC,非AI業務佔比高,股價受AI以外因素影響較大。
AI-generated summary
後黃仁勳時代來臨,市場連夜拆解AI相關供應鏈的「輝達純度」。英業達、技嘉、廣達、和碩、華碩五檔個股「輝達純度」最高,目前2027年之Vera Rubin出貨已排定,單價提高四到五成,營收成長仍可期。
〔記者卓怡君/台北報導〕後黃仁勳時代來臨,黃仁勳辭職後,無論何人接任,新增AI融資與產品規格升級之積極程度都可能低於黃仁勳時代,市場連夜拆解AI相關供應鏈的「輝達純度」,根據法人分析,英業達(2356)、技嘉(2376)、廣達(2382)、和碩(4938)、華碩(2357)這5檔個股「輝達純度」最高,目前2027年之Vera Rubin出貨已排定,單價提高四到五成,營收成長仍可期,但不利之處有三,其一,缺少2027至2028年成長最快之ASIC動能;其二,若規格升級放慢,單櫃價值之成長亦打折;其三,依賴輝達之配貨與融資,新任管理層之成本與融資政策直接影響其毛利與客戶。
法人指出,廣達非GPU平台於2027年比重將升至雙位數、和碩有4至5家ASIC客戶將於2027年放量,可逐步降低輝達集中度,至於華碩、技嘉之伺服器業務較難轉向ASIC,因雲端業者自研晶片(ASIC)多直接委託ODM,華碩、技嘉、和碩的非AI業務占比亦高,股價受AI以外因素影響大。
華碩今日早盤股價逆勢下跌。(記者卓怡君攝)
AI outlook — possibilities, not facts
廣達非GPU平台於2027年比重將升至雙位數,和碩有4至5家ASIC客戶將於2027年放量,兩者可逐步降低輝達集中度
Likely · Within months
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